What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-20 compared with 2024-02-22 · 71 added, 94 removed, 340 unchanged (33% of the section changed)

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We maintain support operations in Chile, Costa Rica, India and Ireland.

We also have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, Singapore and Brazil.

We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.

Equifax was originally incorporated under the laws of the State of Georgia in 1913, and its predecessor company dates back to 1899.

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(Verification Services), as well as providing our employer customers with services which include unemployment claims management, I-9 and onboarding services, Affordable Care Act compliance management, tax credits and incentives and other complementary employment-based transaction services (Employer Services).

Workforce Solutions has established operations in Canada, Australia and the U.K.

Workforce Solutions revenue is predominantly in the U.S., and they have also established operations in Canada, Australia and the U.K.

Information Solutions (“USIS”) — provides consumer and commercial information solutions to businesses in the U.S.

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This operating segment is comprised of our Asia Pacific, Europe, Latin America and Canada business units.

It also includes our joint ventures in Cambodia, Malaysia, Singapore and Brazil.

It also includes our joint ventures in Brazil, Cambodia, Malaysia and Singapore.

Our Business Strategy

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Our business strategy is driven by the following imperatives:

• Leverage our Equifax cloud capabilities and technology investment to accelerate innovation, new products and growth.

We are executing a cloud data and technology transformation that is rebuilding our technology infrastructure, including a migration to a public cloud environment that employs virtual private cloud deployment techniques.

We are rationalizing and rebuilding our application portfolio using cloud-native services.

Our move to cloud-native technology is enabling the continued development of our single data fabric, which is a cloud native platform that enables Equifax to build, manage and deploy data products, as well as implementation of best-in-class cloud-based tools and capabilities.

Our growth strategy is to leverage our cloud data and technology transformation to accelerate innovation and new product development;

deliver market-leading capabilities to our customers;

facilitate customer and partner implementation and integration;

improve ease of consumer access to and interaction with Equifax;

and strengthen system resiliency and uptime.

• Leverage our Equifax Cloud capabilities to accelerate innovation, new products and growth.

Our cloud data and technology transformation has changed nearly every facet of our global technology infrastructure, including a migration to a public cloud environment that employs virtual private cloud deployment techniques.

Central to our move to cloud-native technology is our custom single data fabric, which is a cloud native platform that enables Equifax to build, manage and deploy data products, as well as implementation of best-in-class cloud-based tools and capabilities.

Our growth strategy includes leveraging our cloud data and technology transformation to accelerate innovation and new product development, deliver market-leading capabilities to our customers, facilitate customer and partner implementation and integration, improve ease of consumer access to and interaction with Equifax, and strengthen system resiliency and uptime.

• Leverage and expand our differentiated portfolio of data assets.

We use proprietary advanced analytical platforms, including capabilities in machine learning, artificial intelligence and advanced visualization tools, to leverage our unique data to develop leading analytical insights that enhance the precision of our customers’ decisioning activities.

Based on our cloud native data and technology transformation, we are investing to simplify our customers’ access to our leading analytical and decisioning platforms, in order to speed the development of unique insights and the conversion of these insights into innovative new products and services consumable by our customers through our delivery platforms.

Our cloud-native technology simplifies our customers’ access to our leading analytical and decisioning platforms, allowing us to accelerate the development of unique insights and the conversion of these insights into innovative new products and services consumable by our customers through our delivery platforms.

We strive to advance these capabilities and bring our customers multi-data solutions at scale by expanding our unique and differentiated data assets and analytics through organic growth, business acquisitions and partnerships.

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• Build a world-class Equifax team by investing in talent to drive our strategy and promote a culture of innovation.

At Equifax, we are committed to nurturing a culture where diverse talent thrives.

We are focused on providing meaningful opportunities for career advancement and development, fostering an inclusive work

environment, and promoting employee engagement and recognition.

We leverage our enterprise-wide talent initiatives to develop, retain and attract a highly-qualified workforce in order to promote our culture of innovation, add diverse perspectives and deliver on our business strategy.

At Equifax, we are committed to nurturing a culture where talent thrives.

We are focused on providing meaningful opportunities for career advancement and development, fostering an inclusive work environment, and promoting employee engagement and recognition.

We leverage our enterprise-wide talent

initiatives to develop, retain and attract a highly-qualified workforce in order to promote our culture of innovation, add diverse perspectives and deliver on our business strategy.

We seek to enhance shareholder value through the disciplined execution of these imperatives and by positioning our Company as a global data, analytics and technology leader with industry-leading security.

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In addition, we provide software and services to employers to assist in their compliance with the Affordable Care Act.

The Work Number ® is our key repository of employment and income data serving our Verification Services business unit.

We rely on payroll data received from over three million organizations to regularly update the database.

The Work Number ® is our key employment and income data platform providing a service on behalf of our employer customers to the lenders, government agencies and other customers of our Verification Services business unit.

We rely on payroll data received from over four million organizations to provide up-to-date verifications.

The updates occur as employers and other data contributors transmit data electronically to Equifax from their payroll systems.

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The fees we charge for services in these two business units are generally on a per transaction basis.

We have not experienced significant turnover in the employer contributors to the database because we generally do not charge them to add their employment data to The Work Number ® database, and the verification service we offer relieves them of the administrative burden and expense of responding to third-party employment verification requests while providing them with the assurance that

the process is automated and not subject to human interpretation.

The Work Number ® database held about 168 million current and 657 million total (current and historic) employment records at December 31, 2023.

We have not experienced significant turnover in the employer contributors to the platform because we generally do not charge them to add their employment data to The Work Number ® , and the verification service we offer relieves them of the administrative burden and expense of responding to third-party employment verification requests while providing them with the assurance that the

process is automated and not subject to human interpretation.

The Work Number ® held about 188 million active and 734 million total (active and historic) employment records at December 31, 2024.

Workforce Solutions has established an income and employment verification service in Canada, Australia and the U.K., known as Verification Exchange.

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International

The International operating segment includes our Asia Pacific, Europe, Latin America and Canada business units.

It also includes our joint ventures in Cambodia, Malaysia, Singapore and Brazil.

The International operating segment includes our Latin America, Europe, Asia Pacific and Canada business units.

These business units offer products that are similar to those available in the USIS operating segment, but with variations by geographic region.

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We also maintain support operations in Chile, Costa Rica, India and Ireland.

We have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, Singapore and Brazil.

We also provide information, technology and services to support debt collections and recovery management in Asia Pacific, Europe, Canada and Latin America.

Asia Pacific.

Our Asia Pacific operation provides consumer and commercial information solutions products, marketing products, employment verification services and consumer credit protection products.

We offer a full range of products, generated from credit records and other data, including credit reporting and scoring, decisioning technology, risk management, identity management, authentication and fraud detection services.

Our consumer and commercial products are the primary source of revenue in each of the countries in which we operate and include credit reporting, decisioning tools and risk management services.

We also provide information, technology and services to support talent management, as well as debt collections and recovery management.

Additionally, we provide a variety of consumer and commercial marketing products generated from information databases, including business profile analysis, business prospect lists and database management.

The countries in which we operate include Australia, New Zealand and India, as well as Cambodia, Malaysia and Singapore through joint ventures.

Our Europe operation provides information solutions, fraud detection services, debt collection services and marketing products.

Information solutions and fraud products are generated from information that we maintain and include credit reporting, monitoring and scoring, asset information, risk management, identity management and authentication services and fraud detection and modeling services.

These products are sold in the U.K.

Limited marketing products are available in the U.K.

and, to a lesser extent, in Spain.

We also provide information, technology and services to support debt collections and recovery management in the U.K.

In the U.K., this includes a contract to provide these services to the U.K.

We have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.

We also provide information, technology and services to support debt collections and recovery management in Asia Pacific, Europe, and Latin America.

Latin America.

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We also have an investment in a consumer credit information company through a joint venture in Brazil.

Our Europe operation provides information solutions, fraud detection services, debt collection services, marketing products, and credit monitoring products to resellers or directly to consumers.

These products are sold in the U.K.

Limited marketing products are available in the U.K.

and, to a lesser extent, in Spain.

We also provide information, technology and services to support debt collections and recovery management in the U.K.

In the U.K., this includes a contract to provide these services to the U.K.

Asia Pacific.

Our Asia Pacific operation provides consumer and commercial information solutions products, marketing products, employment verification services and consumer credit protection products.

Our consumer and commercial products are the primary source of revenue in each of the countries in which we operate and include credit reporting, decisioning tools and risk management services.

We also provide information, technology and services to support talent management, as well as debt collections and recovery management.

The countries in which we operate include Australia, New Zealand and India, as well as Cambodia, Malaysia and Singapore through joint ventures.

Similar to the USIS business units, our Canada operation offers products derived from the credit information that we maintain about individual consumers and businesses.

We offer many products in Canada, including credit reporting, monitoring and scoring, consumer and commercial marketing, risk management, fraud detection and modeling services, identity management and authentication services, together with certain of our decisioning products that facilitate pre-approved offers of credit and automate a variety of credit decisions.

We also offer commercial credit solutions, which help businesses manage financial and credit risk and gain insights on customers, markets and industry groups using our commercial data assets.

We also offer credit monitoring products to resellers or directly to consumers, as well as commercial credit solutions, which help businesses manage financial and credit risk and gain insights on customers, markets and industry groups using our commercial data assets.

We also provide data, technology and services to facilitate the search of land data and process real estate transactions in Canada.

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Sources of competition are numerous and include the following:

• Competition in the Verification Services market, for both the U.S.

and key International segments of Australia, Canada and the U.K., includes employers who manage verifications in-house, lenders who obtain verifications directly from employers, and other online and offline verification companies, such as Experian, Thomas & Company and niche providers.

• Competition in the Verification Services business, for both the U.S.

and key International segments of Australia, Canada and the U.K., is highly competitive with low barriers to entry and includes employers who manage verifications in-house, lenders who obtain verifications directly from employers, and numerous online and offline firms that provide verification services.

Third parties may also seek to obtain verifications directly from employees by leveraging paper copies of information or by seeking employee credentials to access information systems.

Competition in the U.S.

Employer Services market is diverse and includes in-house management of such services or the outsourcing of one or more of such services to other third-party outsourced providers like Experian and Thomas & Company;

human resources consulting firms such as Mercer and Towers Watson;

human resources management services providers such as Workday, Oracle and SAP;

payroll processors such as ADP, Paychex and Ceridian;

accounting firms such as PwC and EY;

Employer Services business is also highly competitive with low barriers to entry and includes in-house management of such services or the outsourcing of one or more of such services to numerous online and offline third-party outsourced providers;

human resources consulting firms;

human resources management services providers;

payroll processors;

accounting firms;

and hundreds of smaller companies that provide one or multiple offerings that compete with our Employer Services business.

• Competition for our credit information solutions and direct-to-consumer solutions products varies by both application and industry, but generally includes two global consumer credit reporting companies, Experian and TransUnion, both of which offer a product suite similar to our credit information solutions.

In the U.S., LifeLock is a national provider of personal identity theft protection service.

Also, there are competitors offering free credit scores including Credit Karma in the U.S., Canada and the U.K., ClearScore in the U.K., and Credit Simple and Credit Savvy in Australia.

• Competition for our credit information solutions and direct-to-consumer solutions products varies by both application and industry, but generally includes global consumer credit reporting companies that offer a product suite similar to our credit information solutions, providers of personal identity theft protection services and providers offering free credit scores.

There are also a large number of competitors who offer competing products in specialized areas (such as fraud prevention, risk management and application processing and decisioning solutions) and software companies offering credit modeling services or analytical tools.

Our differentiators include our unique data assets, decisioning technology and the features and functionality of our analytical capabilities.

We believe our product provides the greatest value for customers given our decisioning technology and the features and functionality of our analytical capabilities.

We emphasize our improved decision making and product quality while remaining competitive on price.

We also compete with Fair Isaac Corporation with respect to certain of our analytical tools and solutions and LexisNexis in identity and fraud and other solutions.

• Competition for our commercial solutions products primarily includes Experian, Dun & Bradstreet and Moody's, and providers of these services in the international markets we serve.

• Competition for our commercial solutions products primarily includes companies providing commercial credit reports, credit marketing and other business insights and analytics, including providers of these services in the international markets we serve.

• Competition for our debt collection and recovery management software, services and analytics is spread across a number of providers.

We believe that the breadth and depth of our data assets enable our clients to develop a more current and comprehensive view of consumers.

In the category of platforms and analytics, we compete to some extent with entities that deploy collections platforms, account management systems or recovery solutions.

While we believe that none of our competitors offers the same mix of products and services as we do, certain competitors may have a larger share of particular geographic or product markets or operate in geographic areas where we do not currently have a presence.

We believe that the breadth and depth of our offering enables our clients to develop a more current and comprehensive view of consumers.

In the category of platforms and analytics, we compete with entities that deploy collections platforms, account management systems or recovery solutions.

While we believe that none of our competitors offers the same mix of products and services as we do, we have strong competition in every category and certain competitors may have a larger share of particular geographic or product markets or operate in geographic areas where we do not currently have a presence.

We assess the principal competitive factors affecting our markets to include:

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technical performance including system response time and availability;

access to unique proprietary databases;

access to unique proprietary data tools;

quickness of response, flexibility and client services and support;

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These marks are used in connection with many of our product lines and services.

Our intellectual property rights are generally important to our operations and competitive position, but no single intellectual property right or

group of intellectual property rights is solely responsible for protecting our businesses.

Our intellectual property rights are generally important to our operations and competitive position, but no single intellectual property right or group of intellectual property rights is solely responsible for protecting our businesses.

Certain Company trademarks, including the “Equifax” trademark, contribute to the success of our business, and their loss could have a significant negative impact on us.

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Allegations that we failed to safeguard or handle such data in a compliant manner may subject us to CFPB enforcement action.

The CFPB may pursue administrative

proceedings or litigation to enforce the laws and rules subject to its jurisdiction.

In these proceedings, the CFPB can obtain cease and desist orders, which can include orders for restitution to consumers or rescission of contracts, as well as other types of affirmative relief and monetary penalties ranging from $5,000 per day for ordinary violations and up to $1 million per day for known violations.

The CFPB may pursue administrative proceedings or litigation to enforce the laws and rules subject to its jurisdiction.

violations and up to $1 million per day for known violations.

Also, the Dodd-Frank Act empowers state attorneys general and state regulators to bring civil actions in certain circumstances for the kind of cease and desist orders available to the CFPB (but not for civil penalties).

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• We or certain of our operations are also subject to and affected by new and evolving state privacy and data security laws such as data broker registration requirements in California and Vermont, and the California Consumer Privacy Act (“CCPA”).

The CCPA became effective in January 2020 and imposes additional data privacy requirements on many businesses operating in the state, including, potentially, with respect to employee data in addition to consumer data.

The CCPA, as amended by the California Privacy Rights Act, imposes additional data privacy requirements on many businesses operating in the state.

The CCPA expansively defines “personal information” and imposes new notice requirements relating to the collection, use and sharing of personal information.

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The CCPA also contains a private right of action in the event that a business suffers a security breach that was due to unreasonable security measures.

In November 2020, California voters passed the California Privacy Rights Act (“CPRA”), which maintains the core framework but expanded the requirements of the CCPA effective January 1, 2023.

We may also become subject to and affected by new and proposed state privacy laws

similar to the CCPA and CPRA, such as the Virginia Consumer Data Protection Act (“VCDPA”) (effective January 1, 2023), the Colorado Privacy Act (effective July 1, 2023), the Connecticut Data Privacy Act (effective July 1, 2023), and the Utah Consumer Privacy Act (effective December 31, 2023), as well as enacted laws in Delaware, Indiana, Iowa, Montana, New Jersey, Oregon, Tennessee and Texas that become effective throughout 2024, 2025 and 2026.

A number of other state legislatures, including New York, Florida and Washington, have introduced comprehensive data privacy legislation modeled after, and which contain certain elements of, the CCPA, VCDPA or the European Union's General Data Protection Regulation (“GDPR”), which is an extremely broad privacy law.

We may also become subject to and affected by newly enacted state privacy laws similar to the CCPA, such as laws in effect in Colorado, Connecticut, Delaware, Florida, Iowa, Montana, Nebraska, New Hampshire, New Jersey, Oregon, Texas, Utah and Virginia, as well as enacted laws in states such as Indiana, Kentucky, Maryland, Minnesota, Rhode Island and Tennessee that become effective throughout 2025 and 2026.

A number of other state legislatures, including New York and Washington, have introduced comprehensive data privacy legislation modeled after, and which contain certain elements of, the CCPA, other state consumer privacy laws, or the European Union's General Data Protection Regulation (“GDPR”), which is an extremely broad privacy law.

Additional state legislatures are expected to consider similar legislation in 2025.

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We continuously monitor legislative and regulatory activities that involve credit reporting, data privacy, security and other relevant issues to identify issues in order to remain in compliance with all applicable laws and regulations.

Consent Orders with the FTC, CFPB, MSAG Group and NYDFS

• As part of the Consumer Settlement (as defined below), we entered into consent orders with the FTC, CFPB, MSAG Group (as defined below) and NYDFS pursuant to which we agreed to implement certain business practice commitments related to consumer assistance and our information security program, including third party assessments of our program.

These business practice commitments are extensive and require a significant amount of attention from management.

Summary of International Regulations Relating to Consumer and Data Protection

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At present, each province has credit reporting legislation, with the exception of the territories (Northwest Territories, Yukon, and Nunavut).

Generally speaking, the legislation regulates the contents of credit files, the length of time information can be included on a credit file, who can receive credit reports and consumer rights pertaining to the maintenance of credit reports.

speaking, the legislation regulates the contents of credit files, the length of time information can be included on a credit file, who can receive credit reports and consumer rights pertaining to the maintenance of credit reports.

• In Latin America, data protection and credit reporting laws and regulations vary considerably among Latin American countries.

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• In Australia, we are subject to regulatory oversight by various agencies.

The Office of the Australian Information Commissioner (“OAIC”) is the agency with direct responsibility for administering the Australian Privacy Principles (which relate to the collection, holding, use and disclosure of personal information) and Part IIIA of the Privacy Act 1988 (which regulates credit reporting).

The Office of the Australian Information Commissioner (“OAIC”) is the regulator with direct responsibility for administering the Australian Privacy Principles (which relate to the collection, holding, use and disclosure of personal information) and Part IIIA of the Privacy Act 1988 (which regulates credit reporting).

The OAIC can investigate a complaint, conduct its own investigations, resolve/make binding determinations and seek civil penalties.

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The OAIC can register codes of practice under the Privacy Act 1988, and has registered the Privacy (Credit Reporting) Code 2024.

The Australian Competition and Consumer Commission (“ACCC”) is the agency responsible for enforcing the Competition and Consumer Act of 2010 and related legislation concerning consumer protection and competition.

The Australian Competition and Consumer Commission (“ACCC”) is the regulator responsible for administering and enforcing the Competition and Consumer Act 2010 and related legislation concerning consumer protection and competition.

The ACCC has the authority to use a range of actions to ensure compliance with the law, including investigative powers and the ability to seek penalties through litigation and other formal enforcement means.

The ACCC also administers Consumer Data Right legislation, which mandates the supply by banks of comprehensive credit information to credit reporting bodies, including Equifax.

The Australian Retail Credit Association is a credit and credit reporting industry self-regulatory body, which administers principles and standards for the exchange of credit data between industry participants.

Equifax Australasia Credit Ratings Pty Limited (formerly named Corporate Scorecard Pty Limited, one of our Australian subsidiaries) holds an Australia Financial Services License, which allows it to provide general advice to wholesale clients by issuing a credit rating, and has been approved in New Zealand as a rating agency by the Reserve Bank of New Zealand under section 86 of the Non-bank Deposit Takers Act of 2013 (NZ).

The Australian Securities and Investments Commission regulates corporations and has authority to investigate, prosecute, ban individuals and to seek civil penalties.

New federal legislation came into effect in February 2021 mandating the supply by banks of comprehensive credit information to credit reporting bodies, including Equifax, imposing certain disclosure, storage and reporting obligations on the credit reporting bodies, requiring the provision by credit reporting bodies of free credit reports to consumers up to four times per year, permitting the reporting of financial hardship information within the credit reporting system and requiring the Attorney-General to review and report on the credit reporting system before October 1, 2024.

• In New Zealand, the regulatory framework provides for primary regulation under the Privacy Act 2020.

The Office of the Privacy Commissioner (“NZ OPC”) investigates complaints relating to the collection, use, holding and disclosure of personal information, both credit-related and non-credit related.

The NZ OPC can make a finding that there has been an interference with privacy but cannot impose civil penalties for this.

The Office of the Privacy Commissioner (“OPC”) investigates complaints relating to the collection, use, holding and disclosure of personal information, both credit-related and non-credit related.

The OPC can make a finding that there has been an interference with privacy but cannot impose civil penalties for this.

In extreme cases where there has been an interference with privacy, it can refer these cases to the Director of Human Rights for determination in the Human Rights Review Tribunal.

The NZ OPC can issue practice codes under the Privacy Act 2020 and has issued and subsequently amended the Credit Reporting Privacy Code 2020.

The OPC can issue practice codes under the Privacy Act 2020 and has issued and subsequently amended the Credit Reporting Privacy Code 2020.

The Privacy Act 2020 contains mandatory data breach reporting.

The Retail Credit Association of New Zealand is an industry

association which addresses reciprocity of data issues relating to comprehensive credit reporting and data standards.

The Retail Credit Association of New Zealand is an industry association which addresses reciprocity of data issues relating to comprehensive credit reporting and data standards.

• In India , various legislation including the Information Technology Act of 2000 and rules framed thereunder and the Credit Information Companies (Regulation) Act of 2005 and rules and regulations framed thereunder, establishes a federal data protection framework.

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India enacted a new privacy law, The Digital Personal Data Protection Act, 2023 ("DPDP Act"), in August 2023.

If it becomes effective, the DPDP Act would provide greater protection to individuals' personal data in digital form.

The DPDP Act will become effective at a future date or dates to be determined by the Indian Central Government.

The Central Government is also expected to supplement the DPDP Act with rules, which are yet to be issued.

The DPDP Act provides greater protection to individuals' personal data in digital form.

Our Indian business is subject to regulation by the Reserve Bank of India, which is India’s central banking institution.

In January 2025, the Central Government published draft Digital Personal Data Protection Rules, 2025, which would supplement the DPDP Act.

Our Indian business is also subject to regulation by the Reserve Bank of India, which is India’s central banking institution.

Summary of Regulations Affecting our Employer Services Business

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For instance, if the federal government or a state government mandates the use of E-Verify or changes the requirements for individuals to work in the U.S., our I-9 service may be impacted.

In addition, if the federal government changes the employer mandate or tax form requirements of the Affordable Care Act, our Affordable Care Act Management Service may be impacted.

The Unemployment Cost Management service could be impacted if a state government changes the requirements for employers to process and/or protest unemployment claims.

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In 2024, we hired approximately 2,200 new employees and promoted approximately 1,900 employees as we continue to grow and transform our businesses around the world.

Inclusion and Diversity

We continue to make positive strides in support of our inclusion and diversity strategy.

Our Chief Talent and Diversity Officer occupies a key leadership position, reporting directly to our Chief Human Resources Officer, and is responsible for activating our talent strategy with a focus on furthering an inclusive and diverse workforce and culture.

We are advancing this strategy through deepening our commitment to employee networks around the world, open dialogues to enhance understanding, ongoing inclusion and diversity-focused training and cultural heritage celebrations.

We have consistently improved enterprise-wide trends around representation and promotions for both women and employees of diverse ethnic backgrounds, and pride ourselves on promoting and hiring highly-qualified candidates who enhance our culture, add diverse perspectives and deliver on our business strategy.

Women and leaders of diverse ethnic backgrounds make up approximately half of Equifax’s senior leadership team.

Consistent with our commitment to diversity, we have expanded the requirements for diverse candidate interview slates for all professional and management roles.

Forward-Looking Statements

This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “may” and similar expressions identify forward-looking statements, which generally are not historical in nature.

All statements that address future operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to future operating results, improvements in our information technology and data security infrastructure, including as a part of our cloud technology transformation, our strategy, the expected financial and operational benefits, synergies and growth from our acquisitions,

changes in U.S.

and worldwide economic conditions, such as changes in interest rates and inflation, that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services, our culture, our ability to innovate, the market acceptance of new products and services and similar statements about our business plans are forward-looking statements.

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Business” and below in “Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operation — Business Overview.” These risks and uncertainties include, but are not limited to, those described below in “Item 1A.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — Business Overview.” These risks and uncertainties include, but are not limited to, those described below in “Item 1A.

Risk Factors,” and elsewhere in this report and those described from time to time in our future reports filed with the United States Securities and Exchange Commission (“SEC”).

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business